Last month investors everywhere lost a legend. Jack Bogle the founder of Vanguard died at the age of 89. I never had the chance to meet him, so I am not going to attempt to write some forced memorial. But I am going to write about is legacy.
Jack Bogle made it his life and career to serve the best interest of investors. He believed in creating a low cost investment vehicle for the general public to put their savings into. He popularized the idea of low cost index funds and made investing accessible to millions while sacrificing 100s of millions if not billions in personal wealth.
Don’t get me wrong he died a wealthy man by most people’s standards but in the investment community where there are tons of billionaire investment and hedge fund managers he was not anywhere near as wealthy. What he has is a legacy of service. He served investors around the globe. He drove down fees to a point where investors can create a fully diversified investment portfolio for just a few basis points not several percent. This allows people to keep their money.
His legacy is not creating the $4 trillion dollar investment giant Vanguard his legacy is being a selfless servant. So as we celebrate a life that has affected the lives of almost every one of us take a moment and think about what you want your legacy to be and begin doing that if you aren’t already and if you are do more.